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Suraj Estate Developers Q4 FY25 results: net profit down 6.1% to ₹18.28 crore, revenue up 36.0%
Suraj Estate Developers Limited reported consolidated revenue of ₹136.48 crore for Q4 FY25, up 36.0% from Q4 FY24, while EBITDA fell 43.7% to ₹30.10 crore and profit declined 6.1% to ₹18.28 crore. For FY25, revenue rose 33.2% to ₹549.09 crore and profit increased 48.4% to ₹100.15 crore, while Q4 EBITDA margin fell to 22.1% from 27.0% in Q3 FY25.
Key points
- Q4 FY25 consolidated revenue was ₹136.48 crore, up 36.0% from Q4 FY24 and down 19.6% from Q3 FY25.
- Q4 FY25 EBITDA was ₹30.10 crore, with a 22.1% margin, against ₹53.48 crore and 53.3% in Q4 FY24.
- Q4 FY25 profit was ₹18.28 crore, down 6.1% from Q4 FY24 and down 8.5% from Q3 FY25; basic EPS was ₹3.61.
- FY25 revenue was ₹549.09 crore, up 33.2% from FY24, while PAT was ₹100.15 crore, up 48.4%; basic EPS was ₹21.8.
- Management guided to 40-45% sustainable annual EBITDA margin and an FY26 launch pipeline of ₹2,000 crore GDV, while pre-sales and revenue guidance was deferred.
How did Suraj Estate Developers perform in Q4 FY25?
Suraj Estate Developers reported consolidated revenue of ₹136.48 crore in Q4 FY25, up 36.0% from ₹100.36 crore in Q4 FY24 but down 19.6% from ₹169.85 crore in Q3 FY25. EBITDA was ₹30.10 crore, down 43.7% year on year and 34.3% sequentially, while the EBITDA margin fell to 22.1% from 53.3% and 27.0%, respectively.
Profit for the quarter was ₹18.28 crore, down 6.1% from ₹19.46 crore in Q4 FY24 and 8.5% from ₹19.98 crore in Q3 FY25. Basic EPS was ₹3.61, against ₹4.39 and ₹4.23 in the respective comparison periods. PBT was ₹26.01 crore, compared with ₹29.52 crore a year earlier and ₹26.02 crore in Q3 FY25. On the standalone basis, revenue was ₹130.16 crore and PAT was ₹9.57 crore.
| ₹ crore | Q4 FY25 | Q3 FY25 | Q4 FY24 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 136.48 | 169.85 | 100.36 | +36.0% | −19.6% |
| Other income | 0.68 | 1.98 | 2.68 | −74.6% | −65.7% |
| Total expenses | 111.16 | 145.81 | 73.51 | +51.2% | −23.8% |
| EBITDA | 30.10 | 45.81 | 53.48 | −43.7% | −34.3% |
| EBITDA margin | 22.1% | 27.0% | 53.3% | −31.2 pp | −4.9 pp |
| Profit before tax | 26.01 | 26.02 | 29.52 | −11.9% | −0.0% |
| Tax | 7.72 | 6.03 | 10.06 | −23.3% | +28.0% |
| Net profit | 18.28 | 19.98 | 19.46 | −6.1% | −8.5% |
| EPS (₹) | 3.61 | 4.23 | 4.39 | −17.8% | −14.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Suraj Estate Developers' costs and profit?
Total expenses rose 51.2% year on year to ₹111.16 crore in Q4 FY25, led by cost of materials at ₹107.25 crore, up 35.8% from ₹79 crore. Employee cost increased 71.1% to ₹7.75 crore from ₹4.53 crore, while other expenses fell 59.0% to ₹5.23 crore from ₹12.75 crore.
Finance costs declined 84.0% to ₹4 crore from ₹24.98 crore, and depreciation fell 52.7% to ₹0.78 crore from ₹1.65 crore. Other income was ₹0.68 crore, down 74.6% from ₹2.68 crore. Tax was ₹7.72 crore, down 23.3% from ₹10.06 crore. There was no exceptional item in Q4 FY25.
| ₹ crore | Q4 FY25 | Q4 FY24 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 107.25 | 79 | +28.25 | +35.8% |
| Employee cost | 7.75 | 4.53 | +3.22 | +71.1% |
| Finance costs | 4 | 24.98 | −20.98 | −84.0% |
| Depreciation | 0.78 | 1.65 | −0.87 | −52.7% |
| Other expenses | 5.23 | 12.75 | −7.52 | −59.0% |
| Total expenses | 111.16 | 73.51 | +37.65 | +51.2% |
| Other income | 0.68 | 2.68 | −2 | −74.6% |
| Tax | 7.72 | 10.06 | −2.34 | −23.3% |
Source: Company's results filing (XBRL).
How did Suraj Estate Developers do in FY25 as a whole?
For FY25, consolidated revenue was ₹549.09 crore, up 33.2% from ₹412.21 crore in FY24, while total income was ₹553.17 crore, up 33.1% from ₹415.7 crore. PBT increased 44.9% to ₹136.06 crore from ₹93.87 crore, and PAT increased 48.4% to ₹100.15 crore from ₹67.49 crore.
Basic EPS for FY25 was ₹21.8, compared with ₹19.39 in FY24. Management said that FY25 operating costs included a ₹30 crore litigation settlement with the JDA partner, split equally between Q3 FY25 and Q4 FY25, while finance-cost savings and better price realisation supported the full-year profit increase.
| ₹ crore | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue from operations | 549.09 | 412.21 | +33.2% |
| Profit before tax | 136.06 | 93.87 | +44.9% |
| Net profit | 100.15 | 67.49 | +48.4% |
| EPS (₹) | 21.80 | 19.39 | +12.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2025, total assets were ₹1,746.55 crore, compared with ₹1,398.87 crore at 30 September 2024, while total equity was ₹902.73 crore against ₹570.49 crore. Borrowings were ₹456.3 crore versus ₹447.94 crore, and cash was ₹14.04 crore compared with ₹15.01 crore.
Inventories increased to ₹904.06 crore from ₹786.1 crore, trade receivables fell to ₹56.54 crore from ₹94.36 crore, and trade payables declined to ₹42.86 crore from ₹45.86 crore. FY25 operating cash flow was negative ₹306.34 crore, compared with ₹9.01 crore in FY24; investing cash flow was ₹78.61 crore against negative ₹89.74 crore, and financing cash flow was ₹237.78 crore against ₹70.21 crore.
| ₹ crore | As of 31 March 2025 | As of 30 September 2024 |
|---|---|---|
| Total assets | 1,747 | 1,399 |
| Total equity | 902.73 | 570.49 |
| Borrowings | 456.30 | 447.94 |
| Cash and equivalents | 14.04 | 15.01 |
| Inventories | 904.06 | 786.10 |
| Trade receivables | 56.54 | 94.36 |
Source: Company's results filing (XBRL).
| ₹ crore | FY25 | FY24 |
|---|---|---|
| Cash from operations | −306.34 | 9.01 |
| Cash from investing | 78.61 | −89.74 |
| Cash from financing | 237.78 | 70.21 |
| Capital expenditure | 0.65 | 25.33 |
Source: Company's results filing (XBRL).
How has Suraj Estate Developers done over the last 7 quarters?
Revenue rose year on year in each of the last three quarters. Across the reported quarters, revenue peaked at ₹169.85 crore in Q3 FY25 and was lowest at ₹100.36 crore in Q4 FY24; it fell to ₹136.48 crore in Q4 FY25. Profit peaked at ₹31.83 crore in Q2 FY25 and was lowest at ₹16.57 crore in Q3 FY24, before ending Q4 FY25 at ₹18.28 crore.
The EBITDA margin peaked at 65.7% in Q3 FY24 and fell to a low of 22.1% in Q4 FY25, after 27.0% in Q3 FY25. The trend data therefore shows revenue lower and margin lower than the preceding quarter, with profit also lower than Q3 FY25.
What else did the company announce?
The board approved the audited standalone and consolidated financial results and financial statements for the quarter and year ended 31 March 2025. The auditors issued an unmodified opinion, and the company also filed a press release on the results. The company separately filed an investor presentation with the stock exchange. No dividend, further fund raise or appointment was stated in the same-day filing excerpts.
What did Suraj Estate Developers' management say?
Management said FY25 EBITDA was affected by a ₹15 crore one-time Runwal JDA settlement charge in Q4 FY25. It guided to a sustainable annual EBITDA margin of 40-45% for FY26 and said the company planned ₹2,000 crore of FY26 launch GDV, comprising ₹1,200 crore of Mahim commercial and ₹800 crore of residential projects across seven projects, with ₹1,500-1,600 crore in H1 FY26.
Management said the company expected peak debt of ₹500 crore in FY26 to fund upfront approval costs across ₹2,000 crore of inventory, with a weighted average cost of capital of 13% and interest expense of ₹60 crore per annum on base debt. It also said in-principle Metro FSI approval for the Marinagar project could add ₹800 crore of GDV from FY27 onwards.
Management deferred pre-sales and revenue guidance to the next quarter pending launch visibility. It said the Bandra launch would be pushed back because more equity needed to be brought in before launch, while the company remained focused on launches, operational efficiency, pre-sales and bringing in cash.
How did Suraj Estate Developers shares react?
After the filing, the stock was down 0.8% after five minutes, 1.4% after 15 minutes and 1.0% after 30 minutes. By the reaction-day close it was down 4.2% from its pre-results close, and by the next day's close it was down 5.1%; by the fifth-session close it was up 3.4% from the pre-results close.
The Residential Commercial Projects industry median moved down 0.1% on the reaction day and was flat by the next day's close, while the Nifty Microcap 250 rose 0.3% and 0.7%. Suraj Estate Developers underperformed the industry by 4.0 percentage points on the reaction day and 5.0 percentage points by the next day's close, then exceeded the industry median by 2.3 percentage points by the fifth-session close.
Earlier results-day reactions were negative on 10 February 2025 at 10.1%, negative on 14 November 2024 at 0.9%, positive on 1 August 2024 at 4.8%, and negative on 7 May 2024 at 5.2%.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | −0.8% | |
| 15 minutes | −1.4% | |
| 30 minutes | −1.0% | |
| Reaction day | −4.2% | −0.1% |
| Next day | −5.1% | −0.0% |
| 5 days | +3.4% | +1.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 February 2025 | −10.1% |
| 14 November 2024 | −0.9% |
| 1 August 2024 | +4.8% |
| 7 May 2024 | −5.2% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among 59 other Residential Commercial Projects companies compared for the quarter, the median revenue growth was -1.0%. Forty-four peers grew more slowly than Suraj Estate Developers, while 15 grew faster than the company. Thirty-two peers reported higher profit.
| Suraj Estate Developers revenue growth (YoY) | +36.0% |
|---|---|
| Median of 59 other Residential Commercial Projects companies | −1.0% |
| Companies with slower revenue growth than Suraj Estate Developers | 44 of 59 |
| Companies with faster revenue growth than Suraj Estate Developers | 15 of 59 |
| Companies whose net profit rose | 32 of 58 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Suraj Estate Developers' revenue in Q4 FY25?
Revenue from operations was ₹136.48 crore, up 36.0% from ₹100.36 crore in Q4 FY24 (consolidated).
Did Suraj Estate Developers make a profit in Q4 FY25?
Yes. Net profit was ₹18.28 crore, against a net profit of ₹19.46 crore in Q4 FY24.
What was Suraj Estate Developers' EPS in Q4 FY25?
Basic earnings per share were ₹3.61, against ₹4.39 in Q4 FY24.
How did Suraj Estate Developers shares react to the Q4 FY25 results?
On the reaction day the stock moved −4.2% from the previous close; the median Residential Commercial Projects stock moved −0.1%.
When did Suraj Estate Developers announce its Q4 FY25 results?
On 27 May 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for To Consider And Approve The Audited Standalone And Consolidated Financial Results Of The Company For The Financial Year & Quarter Ended March 31, 2025 (BSE, 20 May 2025) · PDF
- Outcome of Board Meeting (NSE, 27 May 2025) · PDF
- Integrated Filing- Financial (NSE, 27 May 2025) · PDF
- The earnings call (2 June 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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